eTrade 2001 Annual Report Download - page 134
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impaired loans is consistent with its charge-off policy for other loans; impaired loans are charged-off when, in the opinion of
management, all principal and interest due on the impaired loan will not be fully collected. Consistent with the Company’ s method for
non-accrual loans, payments received on impaired loans are recognized as interest income or applied to principal when it is doubtful
that full payment will be collected.
8.INVESTMENTS
Investments are comprised of trading and available-for-sale debt and equity securities, as defined under the provisions of SFAS No.
115, Accounting for Certain Investments in Debt and Equity Securities . Also included are investments in entities in which the
Company owns between 20% and 50%, or in which there are other indicators of significant influence. These investments are generally
accounted for using the equity method. Investments in securities in which there is a less than 20% ownership are generally carried at
cost.
The carrying amounts of investments are shown below (in thousands):
December31, 2001 September30, 2000
Trading securities $ 87,392 $ 3,867
Available-for-sale investment securities 998,487 603,500
Equity method and other investments 82,744 119,917
Total investments $ 1,168,623 $ 727,284
The Company recognized realized gains (losses) from the sale of trading securities of $16.6 million in the fiscal year ended December
31, 2001, $(2.0) million in the three months ended December 31, 2000, $4.1 million in the fiscal year ended September 30, 2000 and
$1.4 million in the fiscal year ended September 30, 1999. The Company recognized no unrealized appreciation (depreciation) of
trading securities in the fiscal year ended December 31, 2001, $44,000 in the three months ended December 31, 2000, $195,000 in the
fiscal year ended September 30, 2000 and $(1.3) million in the fiscal year ended September 30, 1999.
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Table of Contents
The cost basis and estimated fair values of available-for-sale investment securities at December 31, 2001 and September 30, 2000 are
shown below (in thousands):
Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Values
December 31, 2001:
Corporate bonds $ 884,246 $ 4,033 $ (16,769 ) $ 871,510
U.S. Government agency obligations 13,297 — (1,423 ) 11,874
Commercial paper 750 — — 750
Municipal bonds 67,136 143 (289 ) 66,990
Other debt securities 23,481 203 (267 ) 23,417
Total debt securities 988,910 4,379 (18,748 ) 974,541
2002. EDGAR Online, Inc.